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Over a decade ago, the Mormon Church was the subject of an article in TIME magazine:
"TIME has been able to quantify the church's extraordinary financial vibrancy. Its current assets total a minimum of $30 billion. If it were a corporation, its estimated $5.9 billion in annual gross income would place it midway through the FORTUNE 500, a little below Union Carbide and the Paine Webber Group but bigger than Nike and the Gap...
The top beef ranch in the world is not the King Ranch in Texas. It is the Deseret Cattle & Citrus Ranch outside Orlando, Fla. It covers 312,000 acres; its value as real estate alone is estimated at $858 million. It is owned entirely by the Mormons. The largest producer of nuts in America, AgReserves, Inc., in Salt Lake City, is Mormon-owned. So are the Bonneville International Corp., the country's 14th largest radio chain, and the Beneficial Life Insurance Co., with assets of $1.6 billion. There are richer churches than the one based in Salt Lake City: Roman Catholic holdings dwarf Mormon wealth. But the Catholic Church has 45 times as many members."
When the Mormon Church announced that they were building a new shopping center in downtown Salt Lake, they also announced that all of the money for the project would come from other Church resources. In other words, from the Church owned, for-profit businesses. "Tithing funds", donations from the membership, were not to be used for the project.
The budget was supposed to be 100 million dollars, it now stands at 3 billion dollars or more. How the leadership considers tithing funds sacred, and proceeds from businesses originally built from tithing funds as separate operations, remains a mystery. If the retail mall concept was a good one, then financing the project with someone else besides the members of the Church taking the risk, was an even better one.
Now that the depression is upon us, the multi-billion dollar mall project is forcing many members to question whether or not their Prophets, Seers and Revelators can actually make good financial decisions. I predicted the Depression. So did Church leader Gordon B Hinckley, who warned the members of a "portent of stormy weather ahead".Yet, it appears that none of the leaders of the Church considered the possibility that Retail businesses, especially malls, are the first thing people cut out of their budgets when they are losing their jobs.
Beneficial Life is another glaring example of questionable stewardship.
"Founded in 1905 to help protect widows and orphans, Beneficial is the oldest life-insurance company headquartered in the Intermountain West, according to the company's Web site.
Willes told the Deseret News that the company would stop accepting applications for new policies Aug. 31.
He said Beneficial has seen its investment portfolio decline significantly due to its exposure to mortgage-backed and other structured securities, resulting in losses of $600 million over the past two years. Deseret Management had to infuse $594 million into Beneficial to make up the deficit, but at no time did it use funds provided by LDS tithes, Willes noted.
Deseret Management is a for-profit operating company owned by The Church of Jesus Christ of Latter-day Saints. The corporation oversees Beneficial Financial Group, media company Bonneville International Corp., Deseret Book Co., Deseret News Publishing Co., Hawaii Reserves Inc., Temple Square Hospitality Corp. and Zions Securities Corp. (Source)
Who knows what the real losses are. The article doesn't address how many of those toxic assets were bought from Mitt Romney and his Hedge Fund at Bain Capital. Once again, Satanic Psychopaths have shown that equity swaps are just as useful when stealing Mormon owned company assets as they are at stealing any other company's assets. Again, where was the inspired leadership that many members rely on?
Yesterday, we talked about the use of illegal aliens to harvest crops grown on farms and ranches owned by the Mormon Church, and their conflict of interest in lobbying for amnesty for illegals. What we didn't discuss is the fact that the largest ranch in the United States could have been liquidated when real estate prices were booming, yielding at least 1 billion dollars. That would have covered half of the albatross hanging around the neck of Mormon Inc., known as the 2 billion dollar retail mall that was supposed to cost 100 million dollars.
In fact, when real-estate prices were high, the Church could have made billions by selling its for-profit ranches and farms for development. Since these produce products for resale, it would have had zero effect on feeding the Church's welfare system.
Again, a clear lack of vision will cause the collapse of the ounce touted Mormon Inc.
The Deseret News is another Church owned asset, that, despite many pleas from myself and others about its unethical and immoral Editor, kept the guy in charge much longer than they needed to. Most Mormons now know that the Deseret News is really no different than any other Illuminati owned mouthpiece. Its gets its news from the Rothschild owned Reuters and the Rockefeller owned Associated Press.
It refuses to buck the Republican Party in its editorial policies and has denied the fact that 911 was an inside job. Deseret News is no better, seeking for profits over principals it panders to a wider audience than it should, and propagates the myth that Romneyism is Mormonism. (Source) This should come as no surprise when one realizes that Deseret Books CEO and CFO, Sheri Dew, donated $2300 to Mitt Romney's Campaign. (Source)
Mormon Inc.'s future collapse is an economic certainty. Mismanagement and lack of vision will take a heavy toll on members who look to rely on the Church's Welfare program to pay their bills as they lose their jobs and income. Next article we will focus on the Church's investments in other areas.